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Showing posts with label Form 3115. Show all posts
Showing posts with label Form 3115. Show all posts

Friday, October 28, 2011

Claiming depr when property was left off return

AskTaxGuru.com Junior Member, sthornton117, asked:
I am reviewing tax returns from 2007-2010 for a client that knows the depreciation on his rental properties is not right. The CPA that prepared them has me uncertain on how to correct them. There are 2 properties however the Schedule E only shows 1 property with expenses and income for both properties listed under tChe 1. Depreciation was taken in 2007 for the property listed, none taken in 2008. Depreciation was taken in 2009 and 2010 however the amounts are incorrect. The depreciation schedule I requested reports using a 29 Yr SL. Obviously it should've been 27.5 Yrs.

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